It isn’t always just individuals or private citizens that have a need to file for bankruptcy. Quite often businesses find themselves in tough financial situations, and they have no other options but to file for this type of debt relief. Usually for Corporations and partnerships they file under a Chapter 11 Bankruptcy. They too should use the services of a Cincinnati bankruptcy attorney to help them with their proceedings.
Often this type of bankruptcy is called a reorganization bankruptcy. While it follows the general rules of this type of legal action, there are also specific rules that apply to this chapter as well.
A Chapter 11 Bankruptcy will start with a debtor filing a petition with the bankruptcy voluntarily. Or it can also be an involuntary filing in which the creditors have taken this action. They must follow specific regulations for doing this.
Once a petition is started there are many different documents that must be filed with the courts. Not filing all of the necessary documents and filling them out correctly can lead to a delay or even a dismissal of the petition.